Archives of “January 14, 2019” day

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Have You Asked Yourself… Why?

  
  Education
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Why do you trade? This might sound like an easy question, however many of us do not really know the answer.

Once we discover our true reason for trading, then there are many other questions that will help us become a better trader.

If we will take the time to ask ourselves why we trade, what are our goals, what areas do we have struggles, what are my commitements…and then answer them honestly, we will begin to grow as a trader. Any successful endeavor takes planning and commitment. The planning begins with your questions… and answers.

Be patient

  
  Education
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be-patientBe patient. If a trade is missed, wait for a correction to occur before putting the trade on.

Be patient. Once a trade is put on, allow it time to develop and give it time to create the profits you expected.

Be patient. The old adage that “you never go broke taking a profit” is maybe the most worthless piece of advice ever given. Taking small profits is the surest way to ultimate loss I can think of, for small profits are never allowed to develop into enormous profits. The real money in trading is made from the one, two or three large trades that develop each year. You must develop the ability to patiently stay with winning trades to allow them to develop into that sort of trade.

Be patient. Once a trade is put on, give it time to work; give it time to insulate itself from random noise; give it time for others to see the merit of what you saw earlier than they.

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